3 ms·
But the federal government (fdic) will pay them, pay their accrued holiday pay, etc.
by encoderer 4y ago
But the federal government (fdic) will pay them, pay their accrued holiday pay, etc.
- paxys 4y agoThe federal government pays a vast number of people a vast amount of money every day. Not all of them are employees.
- encoderer 4y agoSplitting hairs.
- mixdup 4y agoUsually the FDIC has another bank buy the failed bank, and the employees would become employees of the purchasing bank In this instance, the FDIC wasn't able to find a buyer so all these people work for the FDIC until final disposition of their jobs SIVB no longer exists as an operating bank, they are going to work on Monday, who are they working for if not the FDIC?
- auntienomen 4y agoThe FDIC isn't the federal government. It is not supported by tax dollars. It's funded by fees FDIC charges to the banks it insures.
- skissane 4y agoFDIC is an agency established and granted powers under US federal law, and its chair is nominated by the President, subject to Senate confirmation. Fundamentally, it is just as much part of the US federal government as any other independent federal agency, such as the CIA or EPA or NASA, is. The fact that, unlike most other federal agencies, it gets its funding through hypothecated taxation rather than general revenue, doesn't make it any less of a federal agency. Also, while the law may call them "fees", they are taxes – it is not like banks have a choice in paying them – just because the law doesn't call something a "tax", doesn't make it not a tax (see National Federation of Independent Business v. Sebelius)